Polymers and copolymers of butadiene have found a wide variety of uses. Butadiene is one of the frequently used constituents of elastomeric copolymers. A low molecular weight polybutadiene having two reactive groups, preferably at the ends of the chain, would be quite useful as a "coupling agent" in the preparation of copolymers. This invention provides a low molecular weight polybutadiene having two hydroxyl groups per chain.